Student Loans and the Unlikely Partnership of Amazon and Wells Fargo

Wells Fargo and Amazon are teaming up to offer borrowers a
discount on private student loans in an unusual partnership that
one analyst describes as “baffling.”

Under the arrangement announced Thursday, students and parents
would be eligible for a half-percent decrease on their interest
rates if they sign up for Amazon Prime Student, which could be
applied on top of a 0.25 percent interest rate decrease upon
enrolling in an automatic monthly loan repayment plan. For a $49
annual fee, Prime Student provides free two-day shipping and
access to thousands of streaming TV shows and movies.

“This is a tremendous opportunity to bring together two great
brands,” John Rasmussen, Wells Fargo’s head of personal lending
group, said in a statement. “At Amazon and Wells Fargo,
delivering exceptional customer service and helping customers are
at the center of everything we do.”